Shelvey caught the Liverpool man with his elbow during Swansea's 4-1 defeat at Anfield when the pair tussled to reach a loose ball, but played down the incident, describing it as unintentional.
Monk reserved judgement initially, having not seen the contact, but stated on Tuesday he did not feel it warranted any sanction.
Asked whether he felt an FA charge was likely, he said: "No, the referee was 10 or 15 yards away from the incident, he had a clear view but it's up to him, we'll see what his report says.
"There's obviously a motion towards the player but I spoke to Jonjo on the bus and he said his intention wasn't to catch the player at all.
"It was more that the player was tugging on him and the motion was he was trying to push away from him or put his arm across him.
"In terms of intentional elbows, it wasn't at all. The referee was perfectly placed and no-one had a better view of the incident.
"He felt it didn't warrant any more action and the game went on and there were no complains from any of the players afterwards.
"You have to trust the referee to make the right decision and we thought he did."
The incident capped a poor night for Shelvey against his former club, the midfielder having also scored an own goal on the same day that Monk urged him to "wise up" when it comes to needless bookings.
However, Monk said he was pleased with Shelvey's overall play at Anfield, adding he still feels the 22-year-old has plenty of potential.
"I thought Jonjo performed quite well, he had a lot of energy. [He was] one of our players that was most on the ball," Monk added.
"He did alright. The ability is all there for us to see and it's my job to get the best out of him.
"He wants to do that himself and wants to work hard but in terms of what he can give us there's so much potential in Jonjo.
"I just want him to realise that, he's still very young and it's important I make him realise that sooner rather than later.
"I have no problem with Jonjo, he's a very talented player and a good person as well."
